Believe It: Dow at an All-Time High

Some celebrated the Dow Jones (INDEX: ^DJI) finally closing above 13,000 yesterday, but another more-meaningful milestone was recently reached. Adjusted for dividends, the Dow is at an all-time high, surpassing its nominal record set in October 2007:

What does this mean? Like Dow 13,000, not much. It's a psychological milestone that tells us nothing about value, opportunity, or what might happen next.

But what it does say loud and clear: Patient investors win. After the deepest recession since the Great Depression and a near collapse of the global financial system, it took just four years for investors who bought at the very top to recoup their losses. Those who scooped up bargains along the way have done far better.

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